Gulfport, Miss.-based Hancock Bank, announced the closing of its acquisition of one of New Orleans’ oldest property and casualty insurance agencies, J. Everett Eaves Inc. (JEE).
Officials representing Hancock and JEE signed the agreement for the all cash transaction finalizing Hancock’s acquisition of JEE as a division of Hancock Insurance Agency, a subsidiary of Hancock Bank. The joint announcement confirms Hancock’s intent to purchase JEE made on June 13, 2005. The acquisition expands Hancock’s insurance presence in Louisiana; Hancock also operates in Mississippi, Alabama and Florida.
Under the terms of the transaction, J. Everett Eaves will maintain its existing agency team and operational structure, including its current Poydras Center and Covington offices.
According to Chris Roth, corporate head of Hancock Insurance Agency, “Both J. Everett Eaves and Hancock Insurance Agency represent some of the nation’s most well respected carriers. We believe this mutually beneficial partnership will enhance the breadth of insurance options we can offer Hancock’s banking customers and will introduce J. Everett Eaves customers to Hancock’s comprehensive lines of financial services.”
John L. Beckmann, Jr., president of JEE, said, “With more and more bank owned insurance agencies nationwide, we believe the timing is perfect to forge this partnership between J. Everett Eaves and Hancock. This venture is a win-win partnership, allowing us to bring stronger insurance resources to Hancock while offering our customers Hancock’s wide spectrum of financial services.”
Last year, Hancock acquired Ross-King-Walker Inc., a well-known Hattiesburg, Miss.-based property and casualty insurance pioneer.
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